Bank refused me loan?!

jonesMUFCforever

Damn these first time posters who waste our time on here!

meer53

My bet is that the reason for the decline was because the loan was for "school fees". If i was given that as a reason for wanting a loan, i'd be asking lots more questions. What happens in the future ? It sounds like the sort of reason given when in reality, it's for something else entirely ! Bullied younger sibling ? Needs private education ? Why ? What about other state schools ? There are bullies in every school aren't there ?
If the OP had said it was for a car i bet they'd have got it !

RoxRoxBling

Fenton, if you had spoke there and then with the bank that refused you the loan (I'm assuming this was done in person and you was told face-to-face), then you should have asked them why it's been refused, they have a legal requirement to tell you why. Never mind, personally I'd dust it off and try again for a loan in at least minimum three months time.

blueberrypie

RoxRoxBling wrote: »

Fenton, if you had spoke there and then with the bank that refused you the loan (I'm assuming this was done in person and you was told face-to-face), then you should have asked them why it's been refused, they have a legal requirement to tell you why.

They don't have to give any reason.

See http://www.adviceguide.org.uk/c_banks_and_building_societies.pdf

opinions4u

RoxRoxBling wrote: »

Fenton, if you had spoke there and then with the bank that refused you the loan (I'm assuming this was done in person and you was told face-to-face), then you should have asked them why it's been refused, they have a legal requirement to tell you why.

He failed their credit score for the best rate. So they offered him an alternative. Which they told him. That is reason enough.

RoxRoxBling

Ok, thanx for that. I'm sure I did read somewhere that if you're refused credit that you have a right to know why..

moneysaverdec

I was refused a loan with sainsburys bank recently. Checked with experian and my credit score wad 762. I applied to HSBC yesterday and got £10500 over 60 months at 6.2% apr. I've given up trying to second guess different banks selection criteria. At the end of the day some will accept you and some won't based on a lot more than just the info in your credit file although it may be easier for some to blame someone else like experian for the decision. The only way to find out is to apply but it doesn't hurt to keep your finances and credit file in order.

Fenton271

My brother had his nose and jaw broken by a kid at his school who stole his iphone. Because the other kid has already been to juvenile prison, none of the other kids who witnessed the attack wanted to provide a statement. The attack took place on school property but the school were reluctant to act upon the violent attack stating that every child is entitled to an education and as the other kid had not been charged with GBH, there was no reason to exclude him from the school.

As my brother was the only person who pointed the finger at his attacker, he then started to receive threatening messages on Facebook from the other kid. This was used as evidence and the kid was given a warning by the police.

Needless to say... I wanted to protect my own family and provide for my younger brother the best I could under the circumstances. I consider myself to be fortunate in that I am reasonably well off in that I earn a good salary and have investments. Unfortunately at the time, my investments were tied up for a further 8 months.

The letter I sent to HSBC head office asking why their underwriter (I imagine a bitter weasle of a man sat in a basement office with no windows) had refused my loan as I had an immaculate history with HSBC was passed on to the branch who then apologised for the application taking an hour to complete. I wasn't even complaining about it taking an hour - I was asking for a reason why it had been refused.

Eventually I took out the loan with Sainsburys Bank. Very helpful in fact and surprisingly professional considering they are relatively new to this area. Previously I was supposed to be a Premier Customer at HSBC. Since they offered me very poor customer service in answering my questions I closed down all of my accounts with them.

Their loss.

Thank you to everyone who had an input on this thread, useful or otherwise.

Savvy_Money

I would never assume being a premier customer guarantees a better rate/service. Still you took the correct action by closing your account - they owe you no loyalty but neither do you have to owe them any loyalty.

Very sorry to hear about your brother - hope he is more settled now in his new school.